Asia Firm To Buy Hotel Maxim`s De Paris

September 11, 1988|By New York Times News Service.

NEW YORK — Hongkong and Shanghai Hotels Ltd., the parent company of the Peninsula Group of hotels in Asia, says it has agreed to buy the Hotel Maxim`s de Paris in New York, formerly the Gotham Hotel, for $127 million.

The hotel will be renamed the Peninsula, after a hotel of the same name in Hong Kong.

It is the company`s first acquisition in the United States. The 23-story hotel is owned by a subsidiary of the Southmark Corp.